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2023-03-31-accounts

Trustee Report and Financial Statements Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Year Ending 31[st] March 2023

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees

Professor Oba Nsugbe KC, SAN, Chair Ms. Audrey Mpunzwana Mr. David Tunde Davis Ms. Ethel Ngaatendwe Tambudzai Mr John Mensah (Resigned 2 October 2022) Mr Julian Boaitey Ms Kerryn Greenberg (Resigned 20 September 2022) Mr. Stephen Cameron (Resigned 16 January 2023) Professor Paul Andrew Goodwin Mr. Mark Thomas (Resigned 31 January 2023) Ms. Malgorzata Swierczewska Ms. Muriel Lamin Ms Nissrin Zaptia (Appointed 1 February 2023) Mr. Nzube Ufodike

Company registered number

00683989

Charity registered number

313510

Registered office

66-68 Great Suffolk Street, London, SE1 0BL

Company secretary

Mrs. Sarah Clark

Independent auditors

Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Africa Centre Limited for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Objectives

The objects of the Charity are to promote education in matters concerning Africa and its peoples. The Africa Centre is a space to educate about, connect to and advocate for Africa and its diaspora. Our aim is to raise awareness in the UK, and beyond, about African and diaspora affairs.

As a charity we have evolved into a forward-thinking Centre for the 21st Century dedicated to promoting and supporting contemporary Africa and its diaspora through innovation, arts and culture, thought leadership and education. Our work is underpinned by Five Pillars of activity as follows:

These critical pillars are our building blocks and the reason we exist. They drive our core programming offer, shape our outreach, and are recognisable in the very fabric of our physical home and our various events. Africa has the fastestgrowing population of young people with phenomenal emerging and established talent in various sectors, from contemporary artists to prize-winning writers and innovative designers to award-winning entrepreneurs and respected intellectuals. We aim to bring together the best and brightest sparks of contemporary African culture, offering our audience experiences that are driven by a large variety of Africa-inspired thought and expressions.

Our values:

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

b. Strategies for achieving objectives

In setting out the objectives of The Africa Centre the Trustees have complied with the duty in section 4 of the Charities Act 2006, to have regard to the public benefit guidance published by the Charity Commission.

The primary focus of the financial year has been the opening and continuing development of the charity’s new site in Southwark. Opened in June 2022, it has become a space where we have delivered a range of programmes and activities to our audiences. It has also been a social space with the restaurant and bar space operated by entrepreneur Akwasi Brenya-Mensah and team under the name of Tatale.

The year also continued to be a year of development and transition as we experienced the intensity of operating a publicfacing site 6 days per week, with all the challenges and success that this brings. Whilst we are still The Africa Centre who first opened its doors in 1964, we are opening our new doors in a new community and with a new outlook into Africa’s changing socioeconomic landscapes, for example the expansion of creative industries and entrepreneurs.

To ensure we achieve our objectives this year, we have:

The Africa Centre employs a team of experienced paid staff who are responsible for delivering the aims and objectives of the charity. In addition, The Africa Centre relies on and is grateful for the support work generously provided by the Board of Trustees of the charity and external volunteers who support us.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

i) DEVELOPMENT AND BUILDING A SUSTAINABLE FUTURE

In September 2020, the roles of Director and Head of Development were made redundant. This was as a result of COVID and structural changes within the organisation. Since then, the charity has been operating, with the support of the Trustees, without a CEO whilst it evaluates the role and the skills and experience it requires. During this year a dedicated board committee, with input from the staff team ran a consultation process to understand the skillset required of the Chief Executive Officer. This exercise resulted in the creation of a robust role specification being created to ensure that the organisation was in the best position to bring through an individual with the experience and knowledge to lead the charity in its next phase of development. By the end of March 2023, a recruitment process was in place, working with an external recruitment specialist to support the process.

As a small team, we have continued to develop partnerships with organisations and individuals who complement the knowledge, skills and experience of the team. This also enables the charity to be flexible and agile in its approach to resource management. As with last year, this includes continuing to work with the external fundraising consultants, Philanthropy Co. with the focus being on active fundraising. During this year, a pipeline of potential funders has been developed and we have been successful in applications to funders such as the National Lottery Heritage project, supporting our Heritage project focused on artist, poet and activist, Malangatana Ngwenya.

ii) CAPITAL PROJECT AND THE OPENING OF THE CENTRE’S NEW HOME IN SOUTHWARK

“This is a great example of a project which aims to give Londoners of all backgrounds the opportunity to be actively involved in shaping how their city develops.

The Mayor and I are committed to supporting ‘good growth’ by building a city where all Londoners have access to the same opportunities, and I look forward to seeing the positive impact this project has in the future.”

Deputy Mayor for Planning, Regeneration and Skills, Jules Pipe

In December 2018 the charity succeeded in securing a Good Growth Fund grant of £1.6 million to help transform its fourstory building known as Gunpowder House, into a new home for The Africa Centre. Planning permission for the development of Gunpowder House had already been granted in August 2017. Arts Council England contributed £1.6 million towards the original purchase of Gunpowder House in 2015.

Despite the challenges presented by COVID-19 in terms of fundraising and income generation, we are proud that after robust considerations around risk and with the support of the Greater London Authority’s Good Growth Fund, our new site in Southwark opened in June 2022. This was a later opening than previously anticipated due to unforeseen works onsite and a desire to create a site that was true to the aims and objectives of the charity.

As noted in the previous year’s report, the site is being delivered in two phases:

The first phase, opened in June 2022 has seen 70% of the site open to the public:

Ground floor – entrance and restaurant

The ground floor offers an exciting Pan-African restaurant which in this financial year and as part of the Centre’s commitment to providing a platform to entrepreneurs, was managed by Tatale, led by chef and creative Akwasi BrenyaMensa. The ground floor also features a welcome space where visitors can meet staff and learn more about our work.

First floor – Lounge Bar & Events Space

The first floor features a social, creative bar and events space hosting a curated programme of activities celebrating the unique arts, culture, heritage and innovation of the continent and its diaspora.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

The second floor is a Gallery space for emerging and established artists from Africa and its diaspora, showcasing their work to new audiences. It holds Africa Centre, partner and public events.

The board has made the decision to extend the development of the Centre to include the third floor. This is a space for us to deliver programmes and is also an income-generating tool for the charity, making the space available not only to community but to private hires. Once funding is secured, Phase 2 of the development project will look to further deliver flexible space, enabling the delivery of education, research and business innovation and connections between the UK and the continent.

Activities that took place during this year to ensure the delivery and successful opening of our new site in Southwark:

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

Artist

Title

Leilah Babirye Kuchu Series (Queer Ugandans) Kudzanai Chiurai Untiled (III) Gerald Chukwuma I CAME Salah Elmur The Worshipper Hassan Hajjaj Untitled (La Mamounia series) William Kentridge The Bird and Its Watcher Cinthia Sifia Mulanga Ne lave pas ton visage (do not wash your face) Serge Alain Nitegeka Identity Is Fragile XIII Thenjiwe Niki Nkosi Spring Floor Owanto Untitled (Pardonne Moi series) Tariku Shiferaw Tap In (Saweetie) Barthélémy Toguo Back to Illusion Barthélémy Toguo A Short Little Story Rufai Zakari Chelsea I

All pieces are displayed around the Centre’s new building, freely accessible to visitors. We thank all artists for their support of The Africa Centre and for trusting us with their works.

Salah Elmur with his piece The Worshipper during a visit to the Centre

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

i) PARTNERSHIP DEVELOPMENT

The Africa Centre continues to develop existing and explore collaborative partnerships to help us deliver innovative and engaging programmes. During the past year The Africa Centre has developed a number of partnerships and projects, some examples include:

AfriArt

The Africa Centre worked with AfriArt, a Gallery based in Kampala, Uganda, on the first exhibition at its new site and this took place in June 2022. The exhibition featured Tanzanian artist Sungi Mlengeya’s debut London solo show ‘(Un)choreographed’ and paid homage to the vivid history of dance and the myriad of ways that dance creates liberation for women across Africa and its Diaspora.

SOAS (School of Africa Studies)

In partnership with SOAS, we presented an exhibition of the political posters produced during the early years of Mozambique’s independence. Working anonymously for the government’s new Department of Propaganda and Publicity, a team of artists including José Freire (1930-1998), João Craveirinha Jr (b 1947), and Manuel Ruas (b 1953) were tasked with creating and disseminating an image of the ‘new man’ through murals, print journals, and screen-printed posters. The result was a pivotal moment for graphic design in postcolonial Africa.

English Heritage

The Africa Centre worked in partnership with English Heritage to bring together for the first time portraits of African people whose presence contributed to England’s history and to collectively tell their stories and reflect on each subject’s importance in history. From Roman Britain to the 20th century, the lives of these different individuals span the centuries, and their portraits shed new light on the long history of African people in England. Educational programme and heritage talks sat alongside this programme.

Better Bankside

With the opening of its new site, the Centre was able to build on its relationship with Better Bankside, the area’s Business Improvement District. Alongside hosting Better Bankside’s summer party, bringing a range of local businesses to the Centre, we were pleased to take part in the Frost Fair Winter Festival. This involved the installation of a large mural on the side of the Centre’s wall. The mural was created by London artist, Dreph, who works across a range of media with focus on the human figure. The subject of the mural is Ignatius Sancho, abolitionist, writer and composer and the Centre decided to keep the mural in place after the end of the festival in January 2023.

Dreph creating the Mural in November 2022

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Objectives and activities (continued)

London Metropolitan Archives

As part of The Africa Centre’s commitment to bringing its vast and rich archives to its audiences, The Africa Centre continues to work with its archives partner, the London Metropolitan Archives, on the 18-month archive cataloguing project that will then enable people to engage with the Africa Centre by exploring and sharing the archives with wider audiences, develop interactive displays, remove barriers to access, and collaborate with educational, academic, arts, culture and heritage partners.

Inspired by Africa

The Africa Centre partnered with Inspired by Africa on its 2022 Christmas Market. Inspired by Africa works with a range of small businesses/ retailers, working out of Boxpark in Shoreditch, and brought this eclectic and creative mix of talent to our market in December 2022 as well as supporting the delivery of workshops and live entertainment during the weekend of the markets. We were delighted to welcome just under 400 people to the market over the two days and we will be working with Inspired by Africa for our Christmas 2023 market.

Achievements and Performance

This financial year saw the opening of the charity’s new home in Southwark and as part of this, the Centre delivered a range of programmes to actively reconnect with audiences who knew the Centre in Covent Garden and to develop new audiences as we develop a path of sustainability for the charity.

As the country moved out of COVID restrictions, we have been able to deliver a programme of activities ranging from exhibitions featuring established and emerging artists, music and educational programmes, debates and discussions around subjects ranging from the arts, history, to success in business, book launches and language lessons. This year of programming was kicked off by our Opening Weekend that took place from 9[th] to 12[th] June 2022. The Centre also welcomed His Majesty King Charles III in January 2023. During the visit, His Majesty took part in a discussion that explored important contemporary issues such as climate change and youth education and employment and toured the new building including viewing of the exhibition, ‘Our Story: Africa’s Climate’ and one piece from the English Heritage project, ‘Painting our Past’. The visit ended with His Majesty meeting with the Centre’s invited audience, supporters, community members, staff and Trustees.

His Majesty King Charles III meeting with Hannah Uzor, artist from the Painting our Past Project.

Through the year, we continued to recognise the importance of sharing creative and engaging content with audiences beyond our physical space and where possible and practical, recorded programmed activities to share across our media platforms.

Engaging with our audience through social media and The Africa Centre website continued to be an important way for The Africa Centre to share its news and important developments over the year. It has also provided an open channel for The Africa Centre audience to speak to us and share feedback on what we’re doing, what we plan to do and to also discuss the issues important to them. Over the past year, The Africa Centre grew its online audience, and we now have over 11,500

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Achievements and performance (continued)

followers on Instagram and 12,000 on Twitter. Our newsletter is shared with a database of 10,000 individuals and we are exploring how we connect with audiences through developing platforms such as TikTok.

The following reviews The Africa Centre’s programme developed either independently or through collaboration with new and existing partners.

The Africa Centre re-opens! A celebration weekend between 9[th] and 12[th] June 2023.

On 9[th] June 2023, The Africa Centre opened the doors to its new space in Southwark and welcomed supporters, friends and family to celebrate this important moment in the charity’s history. The building was formally opened by artist Sonya Boyce, and we were pleased to welcome Lord Paul Boateng and Deputy Mayor of London, Jules Pipe, who both delivered supportive and inspirational speeches to our invited guests. The day also featured the unveiling of the mural by Mozambique artist, poet and activist Malangatana Ngwenya restored after its removal from the Covent Garden site. We were delighted to welcome the Mozambique Ambassador to this ceremony, and we were further honoured for the mural to receive a blessing from the Malangatana family.

The following few days offered audiences a taste of activities to come, including a music performance from the Krar Collective, and we partnered with Africa No Filter to host a discussion exploring how Afrobeat’s music videos are helping to change narratives about Africa. Speakers included influential voices in the space such as musicians, writers, and media personalities such as Ladipoe. The Young Africa Centre took on the space for a Sip & Paint evening and Saturday and Sunday saw The Africa Centre Summer Market take up residence, selling a range of products from toys to jewellery.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Achievements and performance (continued)

‘(Un)choreographed’

Tanzanian artist Sungi Mlengeya’s debut London solo show ‘(Un)choreographed’ paid homage to the vivid history of dance and the myriad of ways that dance creates liberation for women across Africa and its Diaspora. Curated by young curators Tammi Bello and Jessica Lowe-Mbirimi, Mlengeya’s exhibition unveiled striking large-scale paintings that radiated energy and celebrated the agency and power of their Black women subjects. ‘(Un)choreographed’ reflected the artist’s recent interest in immersing herself in her abundant culture as a journey of discovery. Through Dance, Mlengeya explores larger social themes of female empowerment, specifically that of Black women. The exhibition was accompanied by arts workshops delivered by Shannon Bono and Siphiwe Mnguni (June to July 2022)

2022 AKO Caine Prize Celebration

The Africa Centre, in partnership with the Candid Book Club hosted an event to celebrate the 2022 AKO Caine shortlisted candidates, Nana-Ama Danquah, Idza Luhmyo, Joshua Chizoma, Hannah Giorgis, and Billie McTernan. (July 2022)

Our Sophisticated Weapon

In partnership with SOAS, we presented an exhibition of the political posters produced during the early years of Mozambique’s independence. Having overthrown Portuguese rule in 1975, the Mozambique Liberation Front (Frelimo) looked to the arts for tools to build the new nation on ideals of socialism and internationalism. Working anonymously for the government’s new Department of Propaganda and Publicity, a team of artists including José Freire (1930-1998), João Craveirinha Jr (b 1947), and Manuel Ruas (b 1953) were tasked with creating

and disseminating an image of the ‘new man’ through murals, print journals, and screen-printed posters. The result was a pivotal moment for graphic design in postcolonial Africa. This exhibition brought together 25 of these posters. The posters charted the primary aims of the postrevolutionary nation, as they sought to establish a new society of unity and resilience in the wake of colonial rule. Together, the posters offered a fascinating insight into Frelimo’s vision for a utopian future, pitched as their ultimate weapon in the ideological battles of the time. (August 2022)

Painting Our Past

The Africa Centre worked in partnership with English Heritage to bring the portraits together for the first time and to collectively tell their stories and reflect on each subject’s importance in history. From Roman Britain to the 20th century, the lives of these different individuals span the centuries, and their portraits shed new light on the long history of African people in England. The artists featured were Elena Onwochei-Garcia, Clifton Powell, Glory Samjolly,Mikela Henry-Lowe, Hannah Uzor, Chloe Cox and represented a mix of established and early career young artists. We hosted additional programme connected with the exhibition including an interactive and engaging discussion with Glory Samjolly and Hannah Uzor. This event was in collaboration with 1:54 Contemporary African Art Fair. The Africa Centre welcomed students from the Haberdasher Aske School into the Centre for a tour of the Painting our Past Exhibition followed by a portrait workshop delivered by artist Tina Ramos Ekongo, a young artist based in Warrington and who in 2022 held an exhibition ‘Black Queens’ at Castlefield Gallery and New Art Spaces in Warrington. During the sessions students reimagined the portrait of Dido Belle by artist Mikela Henry-Lowe. (September to October 2022)

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Achievements and performance (continued)

Our Story: Africa’s Climate

This was a group exhibition at the Africa Centre, of emerging African artists from Nigeria, Sierra Leone, and Tanzania. Curated by Haja Fanta, this exhibition highlighted the impact of the climate emergency in Africa through photography, illustration, and collage. Alongside the exhibition, an additional programme was held including Yetunde Oni's film, which explores the water hyacinth aquatic plant species. The short film uses storytelling to explore the potential of this invasive species as well as its cultural and material significance. Using storytelling as a vehicle, emerging artists Antoinette Oni, Chioma Ince, Mihayo Kallaye, and Ngadi Smart gave honest and thoughtprovoking insight into environmental colonialism, waste management, and historical activism. (November 2022)

ICON Series with Jazzy B

The event was part of our ICONS series, a programme dedicated to celebrating those who played a pivotal role in shaping the journey of the Africa Centre. Outside of his success with the group Soul II Soul, Jazzie B’s other achievements include being a regular on London radio since @kissfmuk was a pirate station and doing a variety of voice-overs for radio and TV.

The conversation was followed up by a live DJ session which brought back memories of Jazzie B and Soul II Soul’s history with The Africa Centre which goes all the way back to the mid-1980s when their weekly Sunday sessions at the Africa Centre’s old home in Covent Garden grew to legendary status.

Book Launch with Professor Hakim Adi – “ African and Caribbean People in Britain”

Acclaimed historian Hakim Adi demonstrates in his book that from the very beginning, from the moment humans first stood on this rainy isle, there have been African and Caribbean men and women set at Britain's heart. As Britain became a major colonial and commercial power, it was African and Caribbean people who led the radical struggle for freedom - a struggle that raged throughout the twentieth century and continues today. This event was a chance for audiences to hear from Professor Hakim Adi, ask questions and connect. (December 2022)

Swahili Language Classes

In partnership with the School of African Languages, we offered a 5-week Swahili language course for anyone interested in learning. Also called kiSwahili, it’s a Bantu language spoken either as a mother tongue or as a fluent second language predominantly on the east coast of Africa. Swahili is fast becoming an important language not only for regional integration within Africa but also for connecting the continent with its global diaspora. (January 2023)

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Achievements and performance (continued)

Black Communities and the climate

A conversation took place with climate change specialists Jocelyn Longdon, Michael Lomotey, and Sophie Mbugua moderated by Samia Dumbuya, exploring the impact of climate change on black communities in the UK and in Africa. Combining imagination, creativity and science, the panelists discussed future possibilities in relation to a more sustainable world. (February 2023)

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Financial Review

a. Going concern

The trustees have assessed the financial position of The Africa Centre and its ability to continue as a going concern. In making this assessment, we have considered the charity's current financial resources, cash flow projections, and the expected funding streams. We have also considered the uncertainties and risks associated with the operating environment the charity finds itself in, with the development of programme at its new site in Southwark and the challenging fundraising landscape common across the voluntary sector.

Based on our review, the trustees are confident that The Africa Centre is a going concern, and there are no significant doubts about its ability to continue its operations for at least the next financial year from the date of these financial statements. We remain committed to ensuring the sustainable delivery of our charitable objectives and are actively monitoring and managing any potential challenges to the charity's financial stability.

The trustees believe that the strategies in place, including prudent financial management including ongoing assessment of expenditure and ongoing fundraising efforts, provide a solid foundation for The Africa Centre to navigate the foreseeable future robustly. This positive assessment reflects our dedication to the effective stewardship of the charity's resources and our commitment to fulfilling its mission.

b. Financial overview

FY 2022/2023 has been a period of investment with the Centre committing to:

In addition to the investments made by the charity into its opening and first year of programme and operations, the charity’s income generating potential was compromised due to a delay in its opening caused by an unexpected discovery onsite related to the foundations of the site. There was a delay in completion of works whilst it was rectified, and this also resulted in an increase in costs to correct the defects found. Costs to rectify were and additional £24,000 with an extension of time at a value of £55,000.

This has led to the charity ending on a deficit of £932,567 for the year.

Income

This year The Africa Centre saw its income end at £386,082 a decrease of on the previous year’s income figure of £1,321,375 (2022). 2022 income include an amount received from the Greater London Authority of £992,867 towards the capital development. No similar grant was received in this year leading to the decrease in income.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Financial Review (continued)

Both restricted and unrestricted income was received:

Restricted Income - £ 119,887

Unrestricted Income - £ 266,195

The Africa Centre was also able to apply for support from Southwark Council, receiving £4,357 in business support grants in response to the impact of COVID-19 on the charity’s ability to generate income.

Expenditure

This year The Africa Centre expended £ 1,247,543 against the previous year’s expenditure of £716,178 (2022). The increase in operational expenditure was due to the opening of the new site in Southwark.

The charity continues to lease Arch 29 to a tenant as part of its commitment to reducing liabilities. This lease will expire in January 2026.

Investment performance saw a loss of £71,106 against a gain of £64,975 in 2022.

The total funds carried forward at the end of the financial year are £8,474,921 (2022: £9,407,488) with unrestricted funds at £281,656 (2022: £1,593,189). Designated funds are £4,957,904 (2022:£4,490,049).

The Centre’s current home, Gunpowder House, has not been revalued since acquisition and the property market has continued to grow, especially in this part of London. The Africa Centre retains freehold ownership of our original home, 38 King Street. The Centre granted a 125-year lease which, under the agreement, produces an income of 5% of the rental value.

c. Reserves policy

The Trustees have reviewed the charity’s needs for reserves in line with guidance issued by the Charity Commission and aim to maintain the free reserves in unrestricted funds at a level equating to approximately six months of unrestricted charitable expenditure. It considers that this level of reserves is needed to meet the working capital requirements of the charity. This policy will be reviewed yearly to ascertain whether the reserves set aside will meet the prevailing conditions.

d. Material investments policy

The Centre is permitted by its Memorandum and Articles of Association to make investments. There are no current investments made by the Centre.

e. Principal risks and uncertainties

The Trustees take an active role in assessing the risks associated with the operations of the charity together with financial risks associated with the running of the charity and investments made. Action is taken to minimise risks with appropriate training of staff members and internal policies and procedures.

The charity acknowledges the deficit in this financial year and is putting in place measures to mitigate the risk to its future operations:

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Financial Review (continued)

and corporate/ businesses. The HUB workspace continues to be promoted and along with community radio Colourful Radio, now has two teams in resident, Trampoline a Community Interest Company and the other, Caine Prize for African Writing.

f. Fundraising at The Africa Centre

Grants

In this year, the charity was fortunate to receive grant support from the following organisations:

  1. Nando’s awarded the charity £43,000 towards the restoration, installation and celebration of the Malangatana Mural that was extracted from the previous site in Covent Garden and is now in display in our new Southwark site.

  2. AG Leventis awarded the charity £10,000 towards the Malangatana programme and the Climate Change exhibition and programme.

  3. The National Lottery Heritage fund awarded the Centre £77,673 towards the Malangatana Heritage Project. This work is inspired by the creator of the mural, Malangatana Ngwenya, and will offer a range of activities to audiences from intergenerational reminiscence sessions to street art workshops for young people.

  4. We received £600 from the Freelands Foundation to support a grant application process. Unfortunately, we were not successful with the final application.

  5. £25,000 was received from the Cockayne Foundation, the final part of our grant towards the development of the Gallery space and development of an arts programme that supported and promoted emerging artists.

  6. £2,409 was received from Rockefeller for the final part of the development of a project with Africa No Filter, “New Narratives in Afrobeats”, delivered during the opening programme in June 2022.

In an increasingly challenging funding landscape, the Centre is incredibly grateful for this support received, as it demonstrates faith in our ability to deliver on our aims and objectives and to continue to be a welcoming “home from home” for its community.

Donations

This year The Africa Centre saw £ 6,896.42 in donations come through with an increase in personal donations, £6,146 in total. The remainder was through the donation machine within the Centre and donations received for tickets to event (through EventBrite). We are extremely grateful to all individuals who choose to donate their money to The Africa Centre and its work.

Other fundraising activities

During this period the Centre received sponsorship towards the opening of its new building, and we are very grateful for the following support:

Brand South Africa - £10,000 TV5MONDE - £3,750

In addition to this sponsorship, the charity brought through income from its Christmas Market, £1,550, and Merchandise sales, £1,745.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Financial Review (continued)

As highlighted earlier in this report, we work with external fundraising consultant, Philanthropy Company, who in partnership with The Africa Centre developed a funding pipeline for trusts and foundation and have supported the Centre in submitting applications to these. They have also supported the continued development of our case for support presentations and documentation.

This work is underpinned by an Income Generation Committee consisting of trustees, senior management, staff and invited guests, exploring initiatives to create a self-sustainable future for the charity and in turn create innovative programmes for the community. Charitable aims and objectives are balanced with opportunities to introduce fundraising

and income - generating opportunities, while never losing sight of our core objectives and commitment to our audience.

Structure, governance and management

a. Constitution

Africa Centre Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed on 21 February 1961 and has a registered charity number 313510. It articles were last updated and approved by the Board in September 2020.

The principal object of the company is to promote education in matters about Africa and African affairs in the UK.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Changes during the year are indicated by the appointment or resignation dates on page 1.

c. Organisational structure and decision-making policies

The Africa Centre has Articles of association which state that unless otherwise determined by a general meeting there shall be at least seven and not more than twenty-five Trustees. there must be at least seven but not more than 25 Trustees. These articles have two categories of Trustees: Ordinary Trustees and Friend Trustees.

The Annual Trustees Meeting shall be the annual meeting of the Trustees at which the accounts of the Company are adopted. At any Board Meeting except for an Annual Trustees Meeting, the Board may co-opt a person to serve as an Ordinary Trustee, in which case such person shall serve as a Trustee until the next Annual Trustees Meeting, at which meeting such Trustee shall retire and may be eligible for appointment.

To create an increasingly open and transparent organisation there are two categories of Friend Trustees: Corporate Friend Trustees and Individual Friend Trustees. Individual Friend Trustees shall be of two types: Ordinary Friend Trustees and Young Friend Trustees. The Board shall determine the number of Corporate Friend Trustee vacancies and Individual Friend Trustee vacancies to be filled at any Annual Friends Meeting.

The Trustees are also the Directors for the purposes of company law and are shown on page one. This also shows any appointments and resignations during the year.

The Africa Centre has also formed committees and working groups to further the aims and objectives of the charity. Committee groups include trustees, staff and volunteers.

Finance & Operations Committee

Responsible for reviewing finance & operations review, including budget planning and requests for major project spend and additional spends for recommendation to the board.

Arts Committee

Responsible for the oversight and development of the Centre’s arts programme and this includes the development of partnerships with curators, artists, and galleries.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Structure, governance and management (continued)

Programmes Committee

Responsible for the oversight and development of Africa Centre programme and activities including the development of collaborative partnerships.

Governance Committee

The purpose of the governance committee is to ensure that the Centre is meeting its compliance and regulatory requirements in terms of policies and procedures, risk management and board performance.

PR & Comms Committee

Responsible for the oversight and development of the Africa Centre’s PR and Communications work and how we connect with our audiences in a way that encourages support and raises awareness of the charity, its value and aims and objectives.

d. Policies adopted for the induction and training of Trustees

The Africa Centre runs open recruitment processes for trustees which includes advertising widely for any roles which are accompanied by full role descriptions and a clear description of trustee responsibilities. The recruitment process includes an open event where interested parties are invited to meet and talk with existing trustees and learn more about the charity and its work.

Once a trustee is on board, they are provided with an induction pack which again refers to roles and responsibilities of trustees but also an outline of what they can be involved in, from events/ programme to committee groups. It is expected that Trustees will be involved in at least one committee outside of the board.

There is an annual appraisal process for Trustees where they complete a review form reflecting on their activity over the past year. This process is completed by a meeting with a Trustee and member of the Senior Management Team and 1-1 conversation with the Chair. The purpose of this meeting is to identify key tasks for the year ahead and also to identify Trustee developmental requirements across the organisation which can then be addressed through relevant training opportunities.

e. Future plans

As we look towards the next year, our focus will be on building a sustainable future for the charity through the delivery of a relevant, engaging and audience-driven programme of activity and offering our audiences opportunities to support our work in a variety of ways.

Only by connecting regularly with audiences will the charity be able to build a robust supporter base for the future. Alongside the development of our active programme, our objective is to build on the following:

In addition to these important audience engagement activities, the Centre has the plans to:

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Structure, governance and management (continued)

culminate in a summer festival taking place in the surrounding streets of our Southwark site. This will be the first since 2018.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Professor Oba Nsugbe KC, SAN

Date: 24[th] January 2024

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFRICA CENTRE LIMITED

Opinion

We have audited the financial statements of Africa Centre Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFRICA CENTRE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFRICA CENTRE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFRICA CENTRE LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP

Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP

Date:

Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Page25
Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net
(expenditure)/income
before net
(losses)/gains on
investments
Net (losses)/gains on
investments
Net
(expenditure)/income
Transfers between funds
18
Net movement in funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds		 Designated
funds
2023
£
-
-
-
-
 Restricted
funds
2023
£
119,887
-
-
-		 Unrestricted
funds
2023
£

10,781
18,796
3,604
233,014		 Total
funds
2023
£

130,668

18,796

3,604

233,014		 Total
funds
2022
£

1,175,701

2,062

1,992

141,620
- 119,887 266,195 386,082 1,321,375
-
194,174
-

119,887
-

933,482
-

1,247,543
32,680

683,498
194,174 119,887
933,482
1,247,543
716,178

(194,174)
-

-
-

(667,287)
(71,106)


(861,461)

(71,106)


605,197

64,975
(194,174)
662,029
-

(88,889)		 (738,393)

(573,140)
(932,567)

-
670,172
-
467,855 (88,889) (1,311,533) (932,567)
670,172

4,490,049
467,855

3,324,250

(88,889)

1,593,189

(1,311,533)

9,407,488

(932,567)


8,737,316

670,172

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

Total funds carried
forward
4,957,904 3,235,361 281,656 8,474,921 9,407,488

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 30 to 46 form part of these financial statements.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
12
Heritage assets
14
Investments
15
Investment property
13
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Designated funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 132,781
196,712
329,493
(395,337)		 2023
£
8,193,265
7,500
-
340,000
8,540,765
(65,844)
8,474,921
8,474,291
4,957,904
3,235,361
281,656
8,474,921		 192,873
310,418
503,291
(350,781)		 2022
£
7,155,514
7,500
1,751,964
340,000
9,254,978
152,510
9,407,488
9,407,488
4,490,049
3,324,250
1,593,189
9,407,488

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Professor Oba Nsugbe KC, SAN

Date: 24[th] January 2024

The notes on pages 30 to 46 form part of these financial statements.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 30 to 46 form part of these financial statements		 2023
£
(562,638)
(1,231,924)
1,782,483
(101,625)
448,933
(113,706)
310,418
196,712		 2022
£
832,649
(1,938,915)
1,334,896
(234,778)
(838,797)
(6,148)
316,566
310,418

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Africa Centre is limited by guarantee and is registered in England and Wales. The registered office is disclosed on the information page. The principal activity of the charity is that of promoting and educating on African arts, culture and innovation.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Africa Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going Concern

The trustees have assessed the financial position of The Africa Centre and its ability to continue as a going concern. In making this assessment, we have considered the charity's current financial resources, cash flow projections, and the expected funding streams. We have also considered the uncertainties and risks associated with the operating environment the charity finds itself in, with the development of programme at its new site in in Southwark and the challenging fundraising landscape common across the voluntary sector.

Based on our review, the trustees are confident that The Africa Centre is a going concern, and there are no significant doubts about its ability to continue its operations for at least the next financial year from the date of these financial statements. We therefore consider that the financial statements should be prepared in the going concern basis.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2 . Accounting policies (continued)

apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of financial activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property - 2 - 10% straight line
Long-term leasehold property - 10% straight line
Fixtures and fittings - 10% straight line
Computer equipment - 20% straight line

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2 . Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

2.14 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Donations
Grants
Similar incoming resources
Total 2022
4.
Income from charitable activities
Promoting African art and culture
Total 2022
5.
Investment income
Rental income
Investment income
Total 2023
Total 2022		 Restricted
funds
2023
£
42
119,845
-
119,887
1,160,405		 Unrestricted
funds
2023
£
6,896
-
3,885
10,781
15,296
Unrestricted
funds
2023
£
18,796
2,062
Unrestricted
funds
2023
£
223,311
9,703
233,014
141,620		 Total
funds
2023
£
6,938
119,845
3,885
130,668
1,175,701
Total
funds
2023
£
18,796
2,062
Total
funds
2023
£
223,311
9,703
233,014
141,620		 Total
funds
2022
£
12,564
1,160,405
2,732
1,175,701
Total
funds
2022
£
2,062
Total
funds
2022
£
90,156
51,464
141,620

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Investment management costs

Investment management fees
Total 2022
7.
Analysis of expenditure on charitable activities
Summary by fund type
Designated
Restricted
funds
funds
2023
2023
£
£
Promoting and Educating on African
arts, culture and
innovation
194,174
119,887
Total 2022
6,312
167,538
8.
Analysis of expenditure by activities
Activities
undertaken
directly
2023
£
Promoting and Educating on African arts,
culture and innovation
130,334
Total 2022
88,459		 Unrestricted
funds
2023
£
-
32,680
Unrestricted
funds
2023
£
933,482
509,648
Support
costs
2023
£
1,117,209
595,039		 Total
funds
2023
£
-
32,680
Total
2023
£
1,247,543
683,498
Total
funds
2023
£
1,247,543
683,498		 Total
funds
2022
£
32,680
Total
2022
£
683,498
Total
funds
2022
£
683,498

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Programme and events costs
Project and event management fees
Advertising and publicity
Total 2022		 Promoting
and
Educating on
African arts,
culture
and
innovation
2023
£
71,530
39,960
18,844
130,334
88,459		 Total
funds
2023
£
71,530
39,960
18,844
130,334
88,459		 Total
funds
2022
£
56,367
16,826
15,266
88,459

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Wages and salaries
Depreciation
Cleaning
Insurance
Security costs
Legal and professional fees
Travelling costs
Printing, postage and stationery
Computer costs
Advertising and publicity
Other staff costs
Rent and rates
Light and heat
Telephone
Sundry expenses
Foreign exchange difference
Repairs and maintenance
Bank charges
Total 2022		 Promoting
and
Educating on
African arts,
culture
and
innovation
2023
£
255,781
194,174
44,788
19,133
77,943
29,869
2,417
27,053
38,831
63,145
69,792
224,668
17,627
1,909
11,732
82
36,759
1,506
1,117,209
595,039		 Total
funds
2023
£
255,781
194,174
44,788
19,133
77,943
29,869
2,417
27,053
38,831
63,145
69,792
224,668
17,627
1,909
11,732
82
36,759
1,506
1,117,209
595,039		 Total
funds
2022
£
188,346
6,312
6,884
13,993
360
41,010
201
13,192
21,757
8,505
18,118
213,117
44,630
1,226
1,068
152
15,594
574
595,039

9. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £7,250 (2022 - £7,000) , and payroll and other services of £855 ( 2022 - £1,310 ).

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
233,401
18,436
3,944
255,781		 2022
£
171,105
14,355
2,886
188,346

The average number of persons employed by the Company during the year was as follows:

2023 2022
No. No.
Employees 6 5

No employee received remuneration amounting to more than £60,000 in either year.

During the year key management personnel received a total of £60,000 (2022: £45,558).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Investment property
Valuation
At 1 April 2022
At 31 March 2023		 Freehold
property
£
7,081,714
1,218,561
8,300,275
-
182,642
182,642
8,117,633
7,081,714		 Long-term
leasehold
property
£
81,094
-
81,094
18,889
8,109
26,998
54,096
62,205		 Fixtures and
fittings
£
111,248
13,363
124,611
99,653
3,422
103,075
21,536
11,595		 Total
£
7,274,056
1,231,924
8,505,980
118,542
194,173
312,715
8,193,265
7,155,514
Freehold
investment
property
£
340,000
340,000		 Total
£
7,274,056
1,231,924
8,505,980
118,542
194,173
312,715
8,193,265
7,155,514
Freehold
investment
property
£
340,000
340,000
340,000

13. Investment property

The 2022 valuations were made by trustees, on an open market value for existing use basis.

The Africa Centre retains freehold ownership of 38 King Street, having granted a 125-year lease which under the agreement produces an income of 5% of rental value.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2022 Heritage
asset
2023
£
7,500
7,500

15. Fixed asset investments

At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
4,360
30,294
98,127
132,781		 Listed
investments
£
1,751,964
101,625
(1,778,489)
(75,100)
-
2022
£
1,376
104,818
86,679
192,873

16. Debtors

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
252,287
19,841
8,953
114,256
395,337		 2022
£
199,642
7,170
9,030
134,939
350,781

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all
funds
Designated funds
Fixed asset funds
Capital project
Restricted funds
Property Fund
Development Fund
Capital Loan (Morel
Trust)
GLA Refurbishment
Grant
Education &
Learning Centre
Cockayne - Young
African Artists
Other restricted
funds
National Lottery
Heritage
Nando's
Chickenland
A G Leventis
Foundation		 Balance at 1
April 2022
£
1,593,189		 Income
£
266,195		 Expenditure
£
(933,482)		 Transfers
in/out
£
(573,140)		 Gains/
(Losses)
£
(71,106)		 Balance at 31
March 2023
£

281,656

2,990,049
1,500,000

-

-
(194,174)
-

2,162,029
(1,500,000)

-

-

4,957,904
-
4,490,049
-
 (194,174)
662,029
-
 4,957,904
1,654,250
10,000
10,000
1,600,000
50,000
-
-
-
-
-
-

-

-

-

-
25,000
3,051
38,836
43,000
10,000
 -
-
-
-
-

(25,000)

(3,051)

(38,836)

(43,000)

(10,000)
 -
-
-
(88,889)
-

-

-

-

-

-		 -
-
-

-
-
-
-
-
-
-
 1,654,250
10,000
10,000
1,511,111
50,000
-
-
-
-
-
3,324,250
119,887
(119,887)
(88,889)
-
 3,235,361

Total of funds

9,407,488 386,082 (1,247,543)

(71,106) 8,474,921

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Designated Funds

The Fixed Asset Fund represents the net amount of the tangible fixed assets, after taking into account the restricted funds. The designated funds also represent the funds The Africa Centre have designated to be invested into the development of its new site in Southwark.

The Capital project fund represents the commitment that The Africa Centre is making to the capital project.

Restricted Funds

The Property fund was originally a grant from the Arts Council of England to carry out the essential refurbishment of the building of the Centre at King Street to allow a programme of cultural and artistic events to occur in the premises. The Arts Council later agreed to its use for the finance of the purchase of Gunpowder House.

The Morel Trust fund is an interest free loan. It was repayable when the Centre ceases to own and operate from 38 King Street, London, WC2E 8JT; it is now held over Gunpowder House.

The Development Fund was received from the Botswana Government and is to help with the capital redevelopment of the Centre.

The Greater London Authority fund is part of a £1.6m grant from the London Mayor’s office Good Growth Fund to help transform its four-storey building known as Gunpowder House, into a new home for The Africa Centre. The development work started in June 2019 and was completed in June 2022.

The Education and Learning Centre grant represents funds in respect of the refurbishment at Gunpowder House.

Unrestricted
funds
General Funds - all
funds
Designated
funds
Fixed asset
funds
Capital project		 Balance at
1 April 2021
£
2,109,572
2,996,361
1,300,000
4,296,361		 Income
£
160,970
-
-
-		 Expenditure
£
(542,328)
(6,312)
-
(6,312)		 Transfers
in/out
£
(200,000)
-
200,000
200,000		 Gains/
(Losses)
£
64,975
-
-
-		 Balance at
31 March
2022
£
1,593,189
2,990,049
1,500,000
4,490,049

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Restricted
funds
Property Fund
1,654,250
Development
Fund
10,000
Capital Loan
(Morel Trust)
10,000
GLA
Refurbishment
Grant
607,133
Education &
Learning Centre
50,000
Arts Council
Emergency
Response Fund
-
Southwark
Covid-19
Business
Hardship Fund
-
Arnold Clark
Community
Fund
-
Cockayne - Young
African Artists
-
Other restricted
funds
-
Total of funds
8,737,316		 -
-
-
-
1,654,250
-
-
-
-
10,000
-
-
-
-
10,000
992,867
-
-
-
1,600,000
-
-
-
-
50,000
131,823
(131,823)
-
-
-
4,357
(4,357)
-
-
-
1,000
(1,000)
-
-
-
25,000
(25,000)
-
-
-
5,358
(5,358)
-
-
-
1,160,405
(167,538)
-
-
3,324,250

1,321,375
(716,178)
-
64,975
9,407,488

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Summary of Funds

Summary of funds - current year

Balance at 1
April 2022
£
General funds
1,593,189
Designated funds
4,490,049
Restricted funds
3,324,250
9,407,488
Summary of funds - prior year
Balance at
1 April 2021
£
General funds
2,109,572
Designated funds
4,296,361
Restricted funds
2,331,383
8,737,316		 Balance at 1
April 2022
£
1,593,189
4,490,049
3,324,250		 Income
£

266,195

-

119,887		 Expenditure
£

(933,482)
(194,174)

(119,887)		 Transfers
in/out
£

(573,140)

662,029

(88,889)		 Gains/
(Losses)
£

(71,106)

-

-		 Balance at 31
March 2023
£

281,656
4,957,904
3,235,361
9,407,488 386,082 (1,247,543) - (71,106) 8,474,921

Income
£

160,970

-

1,160,405
Expenditure
£

(542,328)
(6,312)

(167,538)		 Transfers
in/out
£

(200,000)

200,000

-
Gains/
(Losses)
£

64,975

-
-
Balance at
31 March 2022
£

1,593,189
4,490,049
3,324,250
8,737,316
1,321,375
(716,178)
-		 64,975
9,407,488

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Investment property
Heritage assets
Current assets
Creditors due within one year
Total		 Designated
funds
2023
£
4,957,904
-
-
-
-
4,957,904		 Restricted
funds
2023
£
3,235,361
-
-
-
-
3,235,361		 Unrestricted
funds
2023
£
340,000
7,500
329,493
(395,337)
281,656		 Total
funds
2023
£
8,913,265
340,000
7,500
329,493
(395,337))
8,474,921

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds – prior year

Tangible fixed
assets
Fixed asset
investments
Investment
property
Heritage assets
Current assets
Creditors due
within one year
Total		 Designated
Funds
2022
£
3,831,264
656,785
-
-
-
-
4,490,049		 Restricted
Funds
2022
£
3,324,250
-
-
-
-
-
3,324,250		 Unrestricted
Funds
2022
£
1,093,179
340,000
7,500
503,291
(350,781)
1,593,189		 Total
Funds
2022
£
7,155,514
1,751,964
340,000
7,500
503,291
(350,781)
9,407,488

21. Reconciliation of net movement in funds to net cash flow from operating activities.

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses on investments
Decrease in debtors
Decrease in creditors
Net cash provided by/ (used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2023
£
(932,567)		 2022
£
670,172
194,174
71,106
60,092
44,556		 6,313
(64,975)
282,077
(60,938)
(562,639) 832,649
2023
£
196,712
196,712		 2022
£
310,418
310,418

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2022
£
310,418
310,418		 Cash flows
£
(113,706)
(113,706)		 At 31 March
2023
£
196,712
196,712

24. Capital Commitments

2023 2022
£ £
Contracted for but not provided in these
financial statements
Acquisition of tangible fixed assets - 961,852

25. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,944 (2022: £2,886).

26. Operating lease commitments

At 31 March 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
173,316
439,225
612,541		 2022
£
173,316
612,541
785,857

27. Controlling Party

The Trustees believe that there is no ultimate controlling party.

Trustee Report and Financial Statements – Year Ending 31[st] March 2023

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